The Wall Street Journal reports that “financial speculators” currently hold more crude oil ftures than “physical hedgers” who are simply forward buying a necessary, price-escalating “factor input” to their operations. Think: refiners and airlines. See the prior post for data on Southwest Airline’s hedge positions.
Note : Data is from the New York Mercantile Exchange (NYMEX). The prevailing view is that financial speculation is an even bigger piece of the action on the less regulated ICE (London based Intercontinental Commodities Exchange) and the DME (Dubai Mercantile Exchange)
The Homa Files 
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